This acquisition is an existing 45,000 square foot office building located within the prime Santa Monica medical corridor and directly across the street from the recently constructed $550 million St. John’s Hospital. At acquisition, the building was 85% leased with a number of tenants at well below market rents with leases expiring in the near term. The business plan is to lease the remaining vacant space, invest in upgrading the property’s common area, and convert the building to all medical use (currently 1/3 medical). The building’s unique availability of large spaces and excellent location make the site attractive to a variety of users.